Global Spectrometry Market By Type (Molecular Spectrometry, Mass Spectrometry, and Atomic Spectrometry), By Product (Instrument, Consumables, and Services), By Application (Proteomics, Metabolomics, Pharmaceutical Analysis, Forensic Analysis, and Other Applications) By End-Use (Government & Academic Institutions, Pharmaceutical & Biotechnology Companies, and Other End-Uses), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Spectrometry Market Overview:

The global spectrometry market size was valued at US$ 15,145 Million in 2021. This market is expected to register a CAGR of 9.1% between 2023-2031.

This market will continue to grow due to the advancement of Mass spectroscopy consumables and instruments. The market’s use of spectrometers has increased with the constant advancement in spectrometry techniques. Researchers can benefit from products that are easier to use and deliver better results. These skilled operators are expected to help boost market growth during the forecast period.

Global Spectrometry Market Scope:

Type Analysis

Due to its widespread application in the life science industry and the commercial availability of technologically advanced product launches, molecular Mass spectrometry equipment dominated this market. It accounted for 37.6% of the total revenue share in 2021. PerkinElmer, Inc. offers a variety of instruments, and consumables, as well as software and informatics for molecular spectroscopy. The company provides infrared spectroscopy as well as fluorescence spectroscopy. It also offers ultraviolet-visible (UV-Vis), fluorescence spectroscopy, and FTIR microscopy. Molecular spectroscopy, which has been popularized in the biotechnology and pharmaceutical industries as well as in forensic science, is now a common tool. Infrared spectroscopy technology innovations have made it possible to increase efficiency and lower costs. Near-infrared spectroscopy (NIRS) has been proven to be useful in the comprehensive analysis of body fluids. It can also differentiate between normal tissues and cancerous tissue.

The Hybrid mass spectrometry leading segment is expected to grow at a significant rate during the forecast period. Mass spectroscopy industry Agilent Technology has allowed for rapid delivery of high-resolution results.

Danaher Corporation Bruker Corporation and Thermo Fisher introduced Neoma multi-collector ICP–MS, an Inductively Coupled Plasma MS (ICP–MS) instrument, in December 2020. This Product is expected to help researchers perform reliable and accurate isotope analysis for multiple research purposes.

Product Analysis:

The market was dominated by the instrument segment, which accounted 2021 for the largest revenue share at 71.2%. The increased use of biotechnology Mass spectrometry market growth is responsible for a large portion of this segment. MS was used by researchers to identify 27 biomarkers to help predict illness severity and design therapies. MS is used for proteomic analysis to characterize adoptive cell therapies for cancer treatment like CAR-T Cell Therapy. This segment provides an in-depth analysis of a substantial portion of the revenue over the forecast period.

There is a growing demand for the mass spectrometer market within various life science fields, which will create a lucrative opportunity to offer services in single mass spectrometry. The forecast period will see the services market grow because of the continued competitive environment between the private players. Charles River Laboratories is one of the leading player’s key factors that offers an extensive range of analytical services through the MS technique.

Application Analysis:

The largest market share was held by the pharmaceutical analysis segment. This group accounted for 35.5% of total revenue in 2021. They are expected to see the highest CAGR over the forecast period. Pharmaceutical analysis involves a number of steps that allow for the determination, identification, purification, and quantification of substances, as well as the determination of the structure or separation of components in a solution.

Some companies offer specific instruments for pharmaceutical analysis. Agilent Technology Inc., for instance, offers Raman pharmaceutical analysis systems – TRS100 quantitative pharmaceutical analysis system. The TRS100 system provides quick and simple whole content uniformity screening and polymorph screening to aid in formulation development, such as capsules, tablets, and other dosage forms.

Pharma companies use spectrometry technology for the quantification of drugs for new uses. Liquid chromatography/mass spectrometry devices were used, for example, to quantify anti-COVID-19 medication redeliver and to determine its efficacy in treating the disease.

End-Use Analysis:

The worldwide spectrometry market was dominated by the academic and government segments. They accounted for 44.5% of all revenue in 2021. Numerous research studies are being carried out by academic and government institutions using spectrometry techniques and the associated products. This will drive demand for pharmaceutical products in an ever-growing number of research studies. Many universities have MS research centers. Vanderbilt University, Tennesse (USA) has the Mass Spectrometry Research Center on the basis of technology. This center provides expertise, instrumentation, as well as methodology to its students. Market growth is expected to be boosted by the presence of these academic centers or institutes in the near future.

The fastest expected annual growth rate for the pharmaceutical and biotechnology industries’ end-use sector is from 2023-2031. This is due to the increasing demand for mass-spectrometry techniques in the pharmaceutical industry, and biotechnology industry for drug development and clinical trials. This is due to the rising demand for drug components and biomolecule analyses.

Key Market Segmentation:

By Type

• Molecular Spectrometry
• Mass Spectrometry
• Atomic Spectrometry
• Hybrid Mass Spectrometers
• Ion Mobility Spectrometry

By Product

• Instrument
• Consumables
• Services

Basis of Application

• Proteomics
• Metabolomics
• Pharmaceutical Analysis
• Forensic Analysis
• Other Applications

By End-Use

• Government & Academic Institutions
• Pharmaceutical & Biotechnology Companies
• Biotechnology Sector
• Petroleum Sector
• Other End-Uses

Market Dynamics:

One of the most important technological advancements that play a key role in many analytical applications has been mentioned in spectrometry technology. It is used for drug development procedures, forensic analyses, and pharmaceutical analyses. This analytical technique has seen increased adoption at various stages in drug discovery. Researchers from the University of Surrey have used the MS technique in order to speed up the COVID-19 vaccination process.

Over the forecast period, the market will also be driven by new technology and novel applications. In June 2021, for example, the MALDI MS imaging method was shown to be able to analyze quantitative, physical, and physiologic characteristics and the competitive landscape of tissues. This technique is useful for cancer proteomics research, diagnosis, and prognosis, as well as for treatment.

Regional Analysis

North America dominated this market and was responsible for a 46.7% revenue share in 2021. The presence of several key market players in the region, including Thermo Fisher Scientific, Agilent Technologies, Danaher Corporation Waters Corporation, Waters Corporation, Waters Corporation, etc., can help explain this. The region is home to many associations and organizations that help spread the word about advanced technologies and spectrometry products.

Due to the large region, there has been an increase in R&D activity by well-known players. Agilent Technologies, Inc, and Thermo Fisher Scientific, Inc. are constantly involved in research and development to create new resins that can be used for isolation and purification vaccines. The company is currently working on COVID-19 vaccine creation and separation using chromatography or mass spectrometry systems. MS is used to characterize potential vaccine candidates.

Due to the strong research base in new drug development activities, Asia Pacific is expected to experience the latest major factor in market growth. These pharmaceutical companies have increased the popularity of this technique within the region. Due to an increase in the number of service providers for spectrometry, Asian countries like India, Japan, China, Latin America, Saudi Arabia, Middle East & Africa have contributed significantly to market growth.

Major Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
  • Latin America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• The Middle East and Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Some major companies included in the mass spectrometry market report are: Agilent Technologies and ThermoFisher Scientific, Inc., Shimadzu Corporation, Agilent Technologies, and Kore Technology’s extensive product, and service portfolios have resulted in an increase in terms of revenue for spectrometry. Its market share has been significantly boosted by its extensive distribution network.

To increase their capital costs market leaders use organic growth strategies. Agilent Technologies Inc. released a new 7850 ICP/MS mass-spectrometry market instrument. The ICP-MS instrument now features a smart software feature that will enhance the ICP/MS laboratory’s ability. Some of the leading players in the market for spectrometry include:

Маrkеt Prominent Players:

• Thermo Fisher Scientific Inc.
• Bio-Rad Laboratories, Inc.
• PerkinElmer Inc.
• Agilent Technologies
• Waters Corporation
• Shimadzu Corporation
• Bruker Corporation
• DANI Instruments
• JEOL Ltd.
• FLIR Systems, Inc.
• Kore Technology
• Endress+Hauser Group
• MKS Instruments, Inc.
• LECO Corporation
• Rigaku Corporation
• Other Key Players